{"id":4200,"date":"2017-12-29T00:00:00","date_gmt":"2017-12-29T05:00:00","guid":{"rendered":"https:\/\/currencylive.com\/100288-gbp-usd-dollar-weakness\/"},"modified":"2017-12-29T00:00:00","modified_gmt":"2017-12-29T05:00:00","slug":"100288-gbp-usd-dollar-weakness","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/100288-gbp-usd-dollar-weakness\/","title":{"rendered":"Dollar Weakness Persists Due to Weak Economic Data, Pushing Pound High"},"content":{"rendered":"<p>The pound charged higher versus the US dollar in the previous session. This was the fourth straight session that the pound rallied against the dollar. Sterling reached a high of US$1.3457, this is the highest level that the pound has traded at versus the dollar since mid-December.<\/p>\n<table class=\"table table-bordered\">\n<thead>\n<tr>\n<th>What do these figures mean? <\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\n<p> When measuring the value of a pair of currencies, one set equals 1 unit and the other shows the current equivalent. As the market moves, the amount will vary from minute to minute. <\/p>\n<p> For example, it could be written: <em>1 GBP = 1.28934 USD<\/em> <\/p>\n<p> <em>Here, \u00a31 is equivalent to approximately $1.29. This specifically measures the pound\u2019s worth against the dollar. If the US dollar amount increases in this pairing, it\u2019s positive for the pound.<\/em> <\/p>\n<p> Or, if you were looking at it the other way around: <em>1 USD = 0.77786 GBP<\/em> <\/p>\n<p> <em>In this example, $1 is equivalent to approximately \u00a30.78. This measures the US dollar\u2019s worth versus the British pound. If the sterling number gets larger, it\u2019s good news for the dollar.<\/em> <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table class=\"table table-bordered\">\n<p>The pound was in demand on Thursday after market participants cheered encouraging data from the Confederation of British Industry (CBI). The CBI report shows that industry output over the previous three months jumped to +19 in December from November\u2019s reading of +6. November\u2019s figure was the joint lowest figure in over a year. The significant jump of 13 points, was higher than analysts and investors had been expecting, which boosted the pound.<\/p>\n<table class=\"table table-bordered\">\n<thead>\n<tr>\n<th>Why does strong economic data boost a country\u2019s currency? <\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Solid economic indicators point to a strong economy. Strong economies have strong currencies because institutions look to invest in countries where growth prospects are high. These institutions require local currency to invest in the country, thus increasing demand and pushing up the money\u2019s worth. So, when a country or region has good economic news, the value of the currency tends to rise. <\/td>\n<\/tr>\n<\/tbody>\n<\/table class=\"table table-bordered\">\n<p>On a more cautionary note, the CBI report also suggested that consumer facing firms, especially retail stores could see a slowdown in early 2018. Increasing pressure on the consumer from rising prices and lower wages in real terms is expected to cause consumers to rein in their spending, impacting on businesses.<\/p>\n<p>Today there are no UK economic data releases due and no Brexit headlines are expected. This means the pound could have a quiet last day of trading in 2017.<\/p>\n<h2><a href=\"#dollar-weakness-persists\" name=\"dollar-weakness-persists\"><\/a>Dollar Weakness Persists<\/h2>\n<p>The dollar continued to be out of favour across the board. On Thursday there were several data points that were of interest to traders and the mixed nature of these reports did little to encourage buyers of the dollar. The trade deficit widened more than expected and jobless claims also increased slightly more than analyst had forecast.<\/p>\n<p>On the plus side the Chicago business barometer increased sharply to a level of 67.6, smashing forecasts of 62. This is a regional view of the national economy. This was the highest reading since March 2011, but investors continued to sell the dollar as concerns over passing of the tax bill dominated investor sentiment.<\/p>\n<p>Today there is no high impacting US economic data due, so dollar movements could remain muted moving towards the weekend.<\/p>\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td>\n<p><small><em><br \/>\nThis publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Inc., Currency Live or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. Consult our <a href=\"https:\/\/currencylive.com\/risk-warning\/\">risk warning<\/a> page for more details.<\/em><\/small><\/p>\n<p><small><em>This article was initially published on TransferWise.com from the same author. The content at Currency Live is the sole opinion of the authors and in no way reflects the views of TransferWise Inc.<\/em><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The pound charged higher versus the US dollar in the previous session. This was the fourth straight session that the pound rallied against the dollar. Sterling reached a high of US$1.3457, this is the highest level that the pound has traded at versus the dollar since mid-December. What do these figures mean? When measuring the [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":4201,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1381],"tags":[1394,1398],"class_list":["post-4200","post","type-post","status-publish","format-standard","has-post-thumbnail","category-gbp","category-usd","tag-gbp","tag-usd"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Dollar Weakness Persists Due to Weak Economic Data, Pushing Pound High - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/100288-gbp-usd-dollar-weakness\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100288-gbp-usd-dollar-weakness\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100288-gbp-usd-dollar-weakness\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"Dollar Weakness Persists Due to Weak Economic Data, Pushing Pound High\",\"datePublished\":\"2017-12-29T05:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100288-gbp-usd-dollar-weakness\\\/\"},\"wordCount\":686,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100288-gbp-usd-dollar-weakness\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100288-gbp-usd-dollar-weakness.jpg\",\"keywords\":[\"gbp\",\"usd\"],\"articleSection\":[\"GBP\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2017\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100288-gbp-usd-dollar-weakness\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100288-gbp-usd-dollar-weakness\\\/\",\"name\":\"Dollar Weakness Persists Due to Weak Economic Data, Pushing Pound High - 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